This integration aims to assist businesses in minimizing payroll payment errors and reducing administrative tasks, ensuring accurate and timely payments to employees.
Research from the Global Payroll Association indicates that nearly 47% of employees in the UK have experienced payroll errors. Additionally, 13% of these employees had to wait until their next paycheck for corrections, potentially causing stress for both employees and payroll professionals.
To address these issues, Modulr has enhanced its Xero integration to support automated single or batch payroll payments. This addition allows users to decrease errors, reduce payroll processing times by up to 80%, approve payments via a mobile app, and consolidate multiple payments to a single recipient, potentially lowering transaction fees.
The integration provides Xero payroll users with access to Modulr's direct connection to the UK’s Faster Payments network, enabling payroll payments to be cleared within 90 seconds, including on weekends and bank holidays. This feature offers payroll professionals increased flexibility and time to complete payroll tasks.
Modulr’s platform is used by several accounting and payroll software providers, including Xero, Sage, IRIS, and BrightPay, to streamline payroll and invoice payment processes for accountants, payroll bureaus, and businesses.
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